FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global
leader in fuel cell technology—with a purpose of utilizing its
proprietary, state-of-the-art fuel cell platforms to enable a world
empowered by clean energy—today reported financial results for its
fourth fiscal quarter and fiscal year ended October 31, 2021 and
key business highlights.
“We are pleased with the continued advancement
throughout the year of our strategic agenda in terms of
infrastructure, solutions and talent to support achieving our
long-term goals. We finished fiscal year 2021 with slightly lower
revenue compared to fiscal year 2020, but we continued to make
important progress on our in-flight projects as well as new
technology and applications under development, such as the
successful demonstration of the effectiveness of our solid oxide
fuel cell,” said Mr. Jason Few, President and CEO. “Since the end
of fiscal year 2021, we have favorably resolved our legal
proceedings with POSCO Energy Co., Ltd. and clarified our access to
the Asian market. We have also advanced through commissioning our
7.4 megawatt power platform located at the U.S. Navy Submarine Base
in Groton, CT and our 7.4 megawatt power platform in Yaphank, NY.
And, importantly, we extended our joint development agreement with
ExxonMobil Research and Engineering Company until April 30,
2022.”
“We continue to make progress against and evolve
our Powerhouse Business Strategy, which we launched two years ago,”
continued Mr. Few. “As we have advanced, so must our strategy, and
we are evolving our strategy to now focus on the key pillars of
Grow, Scale and Innovate. We are in a unique period of time where
our solutions are increasingly sought after to help solve energy
and environmental challenges. We are working toward accelerating
the development and deployment of our platforms to position the
company to capture the substantial growth opportunity we foresee
for both our carbonate and solid oxide solutions.”
“This plan for growth drives the need for
expanding operational capabilities and growing talent. We believe
our opportunities for commercial success have increased with the
resolution of our legal proceedings with POSCO Energy, which
includes a commitment to order 20 fuel cell modules from us to
service POSCO Energy’s existing installed base of carbonate fuel
cell platforms. Lastly, I am proud to report that we have met our
annualized production rate target of 45 megawatts on a single shift
at our Torrington facility, up from 17 megawatts at the end of
fiscal year 2020.”
“Looking forward, we are focused on executing
against our existing project backlog, while simultaneously
increasing our annualized production rate, repositioning our brand
for the future and building the next generation sales structure,”
continued Mr. Few. “We are investing in our business to enhance our
capabilities across the organization and position the business to
accelerate growth leveraging our current commercially-available
platforms and accelerating the commercialization of our
differentiated solid oxide technology delivering electrolysis,
long-duration hydrogen energy storage, and hydrogen power
generation given the increasing energy transition opportunities we
see before us. We look forward to discussing more around our growth
opportunities and initiatives as part of our investor day in
March.”
Mr. Few concluded, “Fiscal year 2020 was a year
in which we focused on solving our operational challenges, whereas
fiscal year 2021 was defined by improved execution against our
backlog, investing in the capabilities of our global team,
improving platform performance, and working to take technology
innovations from the laboratory to commercial deployment. As we
move into fiscal year 2022, we are invigorated by our emphasis on
growth, scale, innovation and execution. The initial work under our
Powerhouse Business Strategy built the foundation over the past
couple of years, and the addressable opportunities globally given
our repositioned company have never been greater for FuelCell
Energy.”
Consolidated Financial Metrics
In this press release, FuelCell Energy refers to
various GAAP (U.S. generally accepted accounting principles) and
non-GAAP financial measures. The non-GAAP financial measures
may not be comparable to similarly titled measures being used and
disclosed by other companies. FuelCell Energy believes that
this non-GAAP information is useful to an understanding of its
operating results and the ongoing performance of its business. A
reconciliation of EBITDA, Adjusted EBITDA and any other non-GAAP
measures is contained in the appendix to this press release.
|
Three Months Ended October 31, |
|
Twelve Months Ended October 31, |
(Amounts in thousands) |
|
2021 |
|
|
|
2020 |
|
|
Change |
|
|
2021 |
|
|
|
2020 |
|
|
Change |
Total revenues |
$ |
13,935 |
|
|
$ |
16,999 |
|
|
-18 |
% |
|
$ |
69,585 |
|
|
$ |
70,871 |
|
|
-2 |
% |
Gross loss |
|
(8,365 |
) |
|
|
(8,045 |
) |
|
4 |
% |
|
|
(15,639 |
) |
|
|
(7,725 |
) |
|
102 |
% |
Loss from operations |
|
(22,554 |
) |
|
|
(17,122 |
) |
|
32 |
% |
|
|
(64,902 |
) |
|
|
(39,166 |
) |
|
66 |
% |
Net Loss |
|
(24,151 |
) |
|
|
(18,856 |
) |
|
28 |
% |
|
|
(101,025 |
) |
|
|
(89,107 |
) |
|
13 |
% |
EBITDA |
|
(17,603 |
) |
|
|
(11,573 |
) |
|
52 |
% |
|
|
(45,030 |
) |
|
|
(19,789 |
) |
|
128 |
% |
Net loss attributable to common stockholders |
|
(24,981 |
) |
|
|
(19,656 |
) |
|
27 |
% |
|
|
(104,255 |
) |
|
|
(92,438 |
) |
|
13 |
% |
Net loss per basic and diluted share |
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
|
-13 |
% |
|
$ |
(0.31 |
) |
|
$ |
(0.42 |
) |
|
-26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
(11,861 |
) |
|
$ |
(8,550 |
) |
|
39 |
% |
|
$ |
(35,713 |
) |
|
$ |
(17,704 |
) |
|
102 |
% |
Fourth Quarter of Fiscal 2021
Results
Note: All comparisons between periods are
between the fourth quarter of fiscal 2021 and the fourth quarter of
fiscal 2020, unless otherwise specified.
Fourth quarter revenue of $13.9 million
represents a decrease of 18%, driven by a $5.6 million decrease in
service agreements and license revenues discussed below.
- Service agreements and
license revenues decreased 102% to $(0.1) million from
$5.4 million. The decrease in revenue is primarily due to the fact
that there were no module exchanges during the fourth quarter of
fiscal 2021. The Company also recorded a $1.0 million reduction in
service revenues as a result of higher future cost estimates
related to future module exchanges compared to the Company’s prior
estimates, which more than offset recognized revenue in the
quarter.
- Generation
revenues increased 31% to $6.7 million from $5.1 million primarily
due to higher operating output of the generation fleet portfolio as
a result of investments in maintenance activities and an increase
in the size of the fleet.
- Advanced
Technologies contract revenues increased 14% to $7.3
million from $6.4 million. Advanced Technologies contract revenues
recognized under the Joint Development Agreement with ExxonMobil
Research and Engineering Company (“EMRE”) increased by
approximately $0.4 million, reflecting continued performance under
our Joint Development Agreement with EMRE during the quarter. The
increase in Advanced Technologies contract revenues also reflects
an increase in revenue recognized under government contracts of
$0.5 million.
Gross loss for the fourth fiscal quarter of 2021
totaled $(8.4) million, compared to a gross loss of $(8.0) million
in the comparable prior-year quarter. The higher gross loss for the
fourth fiscal quarter of 2021 was the result of impairment charges
of $2.8 million related to the Company’s Toyota Project, $1.8
million related to the development cost of two projects no longer
being pursued, and $0.4 million related to the Company’s Triangle
Street Project, as well as cost estimate adjustments related to
future module replacements which resulted in a negative margin
impact of approximately $2.6 million. Partially offsetting these
charges and adjustments were improved generation gross margin
primarily related to an increase in revenues, a decrease in
depreciation expense, and higher Advanced Technologies gross margin
primarily related to the mix of funded contracts in the
quarter.
Operating expenses for the fourth fiscal quarter
of 2021 increased to $14.2 million from $9.1 million in the fourth
fiscal quarter of 2020. Administrative and selling expenses in the
fourth fiscal quarter of 2021 included higher legal expenses
associated with tax equity financings and additional share-based
compensation expense due to the grants made in November 2020
under our Long-Term Incentive Plan. Research and development
expenses of $3.5 million during the fourth fiscal quarter of 2021
reflect increased spending on the Company’s hydrogen
commercialization initiatives compared to the comparable prior year
period.
Net loss was $(24.2) million in the fourth
fiscal quarter of 2021, compared to net loss of $(18.9) million in
the fourth fiscal quarter of 2020, due to higher operating expenses
and a higher gross loss for the fourth fiscal quarter of 2021
compared to the fourth fiscal quarter of 2020. The fourth fiscal
quarter of 2020 included a $2.2 million favorable adjustment for
the fair value of the common stock warrants issued to the lenders
under the Company’s now extinguished credit facility with Orion
Energy Partners Investment Agent, LLC and its affiliated lenders
(the “Orion credit facility”), and the fourth fiscal quarter of
2021 included lower interest expense as a result of the early
repayment of all amounts owed under the Orion credit facility.
The net loss per share attributable to common
stockholders in the fourth fiscal quarter of 2021 was $(0.07),
compared to $(0.08) in the fourth fiscal quarter of 2020. The lower
net loss per common share was primarily due to the higher weighted
average shares outstanding due to share issuances since October 31,
2020, partially offset by the higher net loss attributable to
common stockholders.
Adjusted EBITDA totaled $(11.9) million in the
fourth fiscal quarter of 2021, compared to Adjusted EBITDA of
$(8.6) million in the fourth fiscal quarter of 2020. Please see the
discussion of non-GAAP financial measures, including EBITDA and
Adjusted EBITDA, as well as applicable reconciliations in the
appendix at the end of this release.
Cash, Restricted Cash and Financing
Update
On June 11, 2021, the Company entered into an
Open Market Sale Agreement with Jefferies LLC and Barclays Capital
Inc. (the “Agents”) with respect to an at the market offering
program under which the Company may, from time to time, offer and
sell shares of the Company’s common stock having an aggregate
offering price of up to $500 million. Pursuant to the Open Market
Sale Agreement, the Company paid the Agent making each sale a
commission equal to 2.0% of the aggregate gross proceeds it
received from such sale by such Agent of shares under the Open
Market Sale Agreement. From the date of the Open Market Sale
Agreement through October 31, 2021, approximately 44.1 million
shares were sold under the Open Market Sale Agreement at an average
sales price of $8.56 per share, resulting in gross proceeds of
$377.2 million, before deducting expenses and sales commissions.
Net proceeds to the Company totaled approximately $369.7 million
after deducting commissions and offering expenses totaling
approximately $7.5 million. The Company plans to use the net
proceeds from this offering to accelerate the development and
commercialization of our Advanced Technologies products, including
our solid oxide platform, for project development, for internal
research and development, to invest in capacity expansion for solid
oxide and carbonate fuel cell manufacturing, and for project
financing, working capital support, and general corporate
purposes.
Cash and cash equivalents and restricted cash
and cash equivalents totaled $460.2 million as of October 31, 2021
compared to $192.1 million as of October 31, 2020. The breakdown of
unrestricted and restricted cash is as follows:
- As of October 31,
2021, unrestricted cash and cash equivalents totaled $432.2
million, compared to $149.9 million of unrestricted cash and cash
equivalents as of October 31, 2020.
- As of October 31,
2021, restricted cash and cash equivalents totaled $28.0 million,
of which $11.3 million was classified as current and $16.7 million
was classified as non-current, compared to $42.2 million of
restricted cash and cash equivalents as of October 31, 2020, of
which $9.2 million was classified as current and $33.0 million was
classified as non-current.
Fiscal Year 2022 Projected Investments
The Company has determined, in connection with
the evolution of its business strategy, that it will focus on
continued investment in the Company to achieve long-term growth,
rather than focusing on shorter-term financial metrics such as
revenue growth and Adjusted EBITDA.
Expected expenditures in fiscal year 2022
include:
- Capital expenditures are
expected to range between $40 million to $50 million for
fiscal year 2022, compared to capital expenditures of $6.4
million in fiscal year 2021, which includes expected
investments in our factories for carbonate and solid oxide
production capacity expansion, the addition of test facilities for
new products and components, the expansion of our laboratories and
upgrades to and expansion of our business systems.
- Company funded research and
development activities are expected to increase to $45.0 million to
$55.0 million in fiscal year 2022 (compared to approximately
$11.3 million in fiscal year 2021) as we expect to accelerate
commercialization of our Advanced Technologies solutions including
distributed hydrogen, long duration hydrogen-based energy storage
and hydrogen power generation.
Operations Update
“During the fourth quarter, the Company
continued its year-long focus on increasing operational capability,
including ramping-up the annualized production rate at the
Torrington, Connecticut manufacturing facility to 45 megawatts
annually,” commented Michael Lisowski, EVP and Chief Operating
Officer. “I am proud to say that, as of November 2021, the Company
has achieved this targeted production rate, which was accomplished
using only a single manufacturing shift. Our continuous improvement
initiatives focus on all facets of manufacturing, such as direct
material flow, elimination of waste, and reduction/optimization of
production cycle times in assembly and conditioning, all of which
were implemented with a continued focus on the health and safety of
our workforce. In the field, we made a number of improvements to
existing operating platforms, and we saw improvement in terms of
generation output and uptime across the fleet.”
LIPA – Yaphank (Long Island),
NY. On-site civil construction of this 7.4 MW project is
materially complete and the project has achieved mechanical
completion. The project is expected to achieve commercial
operations on or before December 31, 2021.
In November 2021, the Company closed on a tax
equity financing transaction with Franklin Park for this project.
Franklin Park’s tax equity commitment totals $12.4 million. As part
of the closing in November, the Company received approximately $3.2
million of the total commitment following declaration of mechanical
completion. Upon commercial operation being declared, the Company
expects to draw the remaining amount of the commitment,
approximately $9.2 million.
Groton Sub Base. As previously
disclosed, subsequent to minor issues encountered during the early
commissioning process, the Company completed all necessary repairs
in November 2021 and has resumed commissioning activities. The
Company expects to complete commissioning and achieve commercial
operations in mid-January 2022. Once completed, this platform is
expected to demonstrate the ability of FuelCell Energy’s platforms
to perform at high efficiencies and provide low CO2 to MWh output.
Incorporation of the platform into a microgrid is expected to
demonstrate the ability of FuelCell Energy’s platforms to increase
grid stability and resilience while supporting the U.S. military’s
efforts to fortify base energy supply and demonstrating the Navy’s
commitment to clean reliable power.
In August 2021, the Company closed on a tax
equity financing transaction with East West Bancorp, Inc. (“East
West Bank”) for this project. East West Bank’s tax equity
commitment totals $15 million. As part of the closing in August,
the Company received $3 million of the total commitment.
Toyota -- Port of Long Beach,
CA. This 2.3 MW trigeneration platform will produce
electricity, hydrogen and water. Fuel cell platform equipment has
been built and delivered to the site, and civil construction work
is underway. The project is expected to achieve commercial
operations on or before June 30, 2022. If commercial operations are
delayed beyond June 30, 2022, an extension would be required from
Toyota who may or may not grant such extension in its sole
discretion.
Derby, CT. On-site civil
construction of this 14.0 MW project has advanced, the Company has
largely completed the foundational construction, and balance of
plant components have been delivered and installed on site. This
utility scale fuel cell platform will contain five (5) SureSource
3000 fuel cell systems that will be installed on engineering
platforms alongside the Housatonic River.
Backlog
|
|
|
|
|
|
|
As of October 31, |
|
|
(Amounts in thousands) |
|
2021 |
|
|
2020 |
|
Change |
Service |
$ |
125,918 |
|
$ |
146,810 |
|
-14.2 |
% |
Generation |
|
1,099,006 |
|
|
1,067,228 |
|
3.0 |
% |
License |
|
22,182 |
|
|
22,182 |
|
0.0 |
% |
Advanced Technologies |
|
40,763 |
|
|
49,153 |
|
-17.1 |
% |
Total Backlog |
$ |
1,287,869 |
|
$ |
1,285,373 |
|
0.0 |
% |
Backlog was largely unchanged year-over-year,
reflecting the continued execution of backlog and adjustments to
generation backlog, primarily resulting from module exchanges with
higher future output and revenues expected and the inclusion of the
project with United Illuminating in Derby, Connecticut which was
awarded in the second quarter of fiscal year 2021. Advanced
Technologies backlog reflects new contracts from the U.S.
Department of Energy partially offset by work performed under our
joint development agreement with ExxonMobil Research and
Engineering Company.
Only projects for which we have an executed
power purchase agreement (“PPA”) are included in generation
backlog, which represents future revenue under long-term PPAs.
Together, the service and generation portion of backlog had a
weighted average term of approximately 17 years, with weighting
based on the dollar amount of backlog and utility service contracts
of up to 20 years in duration at inception.
Backlog represents definitive agreements
executed by the Company and our customers. Projects sold to
customers (and not retained by the Company) are included in product
sales and service backlog and the related generation backlog is
removed upon the sale.
Conference Call Information
FuelCell Energy will host a conference call
today beginning at 8:00 a.m. EST to discuss fourth quarter and full
year results for fiscal year 2021 as well as key business
highlights. Participants can access the live call via webcast on
the Company website or by telephone as follows:
- The live webcast of the call and
supporting slide presentation will be available at
www.fuelcellenergy.com. To listen to the call, select “Investors”
on the home page, proceed to the “Events & Presentations” page
and then click on the “Webcast” link listed under the December 29
earnings call event, or click here.
- Alternatively, participants can
dial 647-689-4106 and state FuelCell Energy or the conference ID
number 2758514.
The replay of the conference call will be
available via webcast on the Company’s Investors’ page
at www.fuelcellenergy.com approximately two hours after the
conclusion of the call.
Cautionary Language
This news release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 regarding future
events or our future financial performance that involve certain
contingencies and uncertainties, including those discussed in our
Annual Report on Form 10-K for the fiscal year ended October 31,
2021 in the section entitled "Management's Discussion and Analysis
of Financial Condition and Results of Operations”. Forward-looking
statements include, without limitation, statements with respect to
the Company’s anticipated financial results and statements
regarding the Company’s plans and expectations regarding the
continuing development, commercialization and financing of its fuel
cell technology and its business plans and strategies. These
statements are not guarantees of future performance, and all
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected. Factors that could cause such a difference include,
without limitation: general risks associated with product
development and manufacturing; general economic conditions; changes
in interest rates, which may impact project financing; supply chain
disruptions; changes in the utility regulatory environment; changes
in the utility industry and the markets for distributed generation,
distributed hydrogen, and fuel cell power plants configured for
carbon capture or carbon separation; potential volatility of
commodity and energy prices that may adversely affect our projects;
availability of government subsidies and economic incentives for
alternative energy technologies; our ability to remain in
compliance with U.S. federal and state and foreign government laws
and regulations and the listing rules of The Nasdaq Stock Market;
rapid technological change; competition; the risk that our bid
awards will not convert to contracts or that our contracts will not
convert to revenue; market acceptance of our products; changes in
accounting policies or practices adopted voluntarily or as required
by accounting principles generally accepted in the United States;
factors affecting our liquidity position and financial condition;
government appropriations; the ability of the government and third
parties to terminate their development contracts at any time; the
ability of the government to exercise “march-in” rights with
respect to certain of our patents; our ability to successfully
market and sell our products internationally; our ability to
implement our strategy; our ability to reduce our levelized cost of
energy and our cost reduction strategy generally; our ability to
protect our intellectual property; litigation and other
proceedings; the risk that commercialization of our products will
not occur when anticipated or, if it does, that we will not have
adequate capacity to satisfy demand; our need for and the
availability of additional financing; our ability to generate
positive cash flow from operations; our ability to service our
long-term debt; our ability to increase the output and longevity of
our platforms and to meet the performance requirements of our
contracts; our ability to expand our customer base and maintain
relationships with our largest customers and strategic business
allies; changes by the U.S. Small Business Administration or other
governmental authorities to, or with respect to the implementation
or interpretation of, the Coronavirus Aid, Relief, and Economic
Security Act, the Paycheck Protection Program or related
administrative matters; and concerns with, threats of, or the
consequences of, pandemics, contagious diseases or health
epidemics, including the novel coronavirus, and resulting supply
chain disruptions, shifts in clean energy demand, impacts to our
customers’ capital budgets and investment plans, impacts to our
project schedules, impacts to our ability to service existing
projects, and impacts on the demand for our products, as well as
other risks set forth in the Company’s filings with the Securities
and Exchange Commission. The forward-looking statements contained
herein speak only as of the date of this press release. The Company
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any such statement contained
or incorporated by reference herein to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which any such statement is based.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ:
FCEL) is a global leader in sustainable clean energy technologies
that address some of the world’s most critical challenges around
energy, safety and global urbanization. As a leading global
manufacturer of proprietary fuel cell technology platforms,
FuelCell Energy is uniquely positioned to serve customers worldwide
with sustainable products and solutions for businesses, utilities,
governments and municipalities. Our solutions are designed to
enable a world empowered by clean energy, enhancing the quality of
life for people around the globe. We target large-scale power users
with our megawatt-class installations globally, and currently offer
sub-megawatt solutions for smaller power consumers in Europe. To
provide a frame of reference, one megawatt is adequate to
continually power approximately 1,000 average sized U.S. homes. We
develop turn-key distributed power generation solutions and operate
and provide comprehensive service for the life of the power plant.
Our fuel cell solution is a clean, efficient alternative to
traditional combustion-based power generation, and is complementary
to an energy mix consisting of intermittent sources of energy, such
as solar and wind turbines. Our customer base includes utility
companies, municipalities, universities, hospitals, government
entities/military bases and a variety of industrial and commercial
enterprises. Our leading geographic markets are currently the
United States and South Korea, and we are pursuing opportunities in
other countries around the world. FuelCell Energy, based in
Connecticut, was founded in 1969.
SureSource, SureSource 1500, SureSource 3000,
SureSource 4000, SureSource Recovery, SureSource Capture,
SureSource Hydrogen, SureSource Storage, SureSource Service,
SureSource Capital, FuelCell Energy, and FuelCell Energy logo are
all trademarks of FuelCell Energy, Inc.
Contact:
FuelCell Energy,
Inc.ir@fce.com203.205.2491
Source: FuelCell Energy
FUELCELL ENERGY,
INC.Consolidated Balance
Sheets(Unaudited)(Amounts in thousands, except
share and per share amounts)
|
|
October 31,2021 |
|
|
October 31,2020 |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents, unrestricted |
$ |
432,213 |
|
|
$ |
149,867 |
|
Restricted cash and cash equivalents – short-term |
|
11,268 |
|
|
|
9,233 |
|
Accounts receivable, net |
|
14,730 |
|
|
|
9,563 |
|
Unbilled receivables |
|
8,924 |
|
|
|
8,041 |
|
Inventories |
|
67,074 |
|
|
|
50,971 |
|
Other current assets |
|
9,177 |
|
|
|
6,306 |
|
Total current assets |
|
543,386 |
|
|
|
233,981 |
|
|
|
|
|
|
|
Restricted cash and cash
equivalents – long-term |
|
16,731 |
|
|
|
32,952 |
|
Project assets |
|
223,277 |
|
|
|
161,809 |
|
Inventories – long-term |
|
4,586 |
|
|
|
8,986 |
|
Property, plant and equipment,
net |
|
39,416 |
|
|
|
36,331 |
|
Operating lease right-of-use
assets, net |
|
8,109 |
|
|
|
10,098 |
|
Goodwill |
|
4,075 |
|
|
|
4,075 |
|
Intangible assets, net |
|
18,670 |
|
|
|
19,967 |
|
Other assets |
|
16,998 |
|
|
|
15,339 |
|
Total assets (1) |
$ |
875,248 |
|
|
$ |
523,538 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Current portion of long-term debt |
$ |
10,085 |
|
|
$ |
21,366 |
|
Current portion of operating lease liabilities |
|
1,032 |
|
|
|
939 |
|
Accounts payable |
|
19,267 |
|
|
|
9,576 |
|
Accrued liabilities |
|
16,099 |
|
|
|
15,681 |
|
Deferred revenue |
|
6,287 |
|
|
|
10,399 |
|
Preferred stock obligation of subsidiary |
|
- |
|
|
|
938 |
|
Total current liabilities |
|
52,770 |
|
|
|
58,899 |
|
|
|
|
|
|
|
Long-term deferred
revenue |
|
30,427 |
|
|
|
31,501 |
|
Long-term preferred stock
obligation of subsidiary |
|
- |
|
|
|
18,265 |
|
Long-term operating lease
liabilities |
|
8,093 |
|
|
|
9,817 |
|
Long-term debt and other
liabilities |
|
78,633 |
|
|
|
150,651 |
|
Total liabilities |
|
169,923 |
|
|
|
269,133 |
|
|
|
|
|
|
|
Redeemable Series B preferred
stock (liquidation preference of $64,020 as of October 31, 2021 and
October 31, 2020) |
|
59,857 |
|
|
|
59,857 |
|
Redeemable noncontrolling
interests |
|
3,030 |
|
|
|
- |
|
Total equity: |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Common stock ($0.0001 par value); 500,000,000 and 337,500,000
shares authorized as of October 31, 2021 and 2020 respectively;
366,618,693 and 294,706,758 shares issued and outstanding as of
October 31, 2021 and 2020, respectively |
|
37 |
|
|
|
29 |
|
Additional paid-in capital |
|
1,908,471 |
|
|
|
1,359,454 |
|
Accumulated deficit |
|
(1,265,251 |
) |
|
|
(1,164,196 |
) |
Accumulated other comprehensive loss |
|
(819 |
) |
|
|
(739 |
) |
Treasury stock, Common, at cost (73,430 and 56,411 shares as of
October 31, 2021 and 2020, respectively) |
|
(586 |
) |
|
|
(432 |
) |
Deferred compensation |
|
586 |
|
|
|
432 |
|
|
|
|
|
|
|
Total equity |
|
642,438 |
|
|
|
194,548 |
|
Total liabilities, redeemable
noncontrolling interests and stockholders’ equity |
$ |
875,248 |
|
|
$ |
523,538 |
|
(1) |
The consolidated assets as of October 31, 2021 and 2020 include
$54,375 and $0, respectively, of assets of the variable interest
entity (“VIE”) that can only be used to settle obligations of the
VIE. These assets include cash of $1,364 and $0 as of October 31,
2021 and 2020, respectively, and project assets of $53,012 and $0
as of October 31, 2021 and 2020, respectively. |
FUELCELL ENERGY,
INC.Consolidated Statements of Operations and
Comprehensive Loss(Unaudited)(Amounts in
thousands, except share and per share amounts)
|
|
|
|
|
|
|
Three Months Ended October 31, |
|
2021 |
|
|
2020 |
|
Revenues: |
|
|
|
|
|
Product |
$ |
- |
|
|
$ |
- |
|
Service and license |
|
(126 |
) |
|
|
5,436 |
|
Generation |
|
6,721 |
|
|
|
5,148 |
|
Advanced Technologies |
|
7,340 |
|
|
|
6,415 |
|
Total revenues |
|
13,935 |
|
|
|
16,999 |
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
Product |
|
1,786 |
|
|
|
2,412 |
|
Service and license |
|
3,743 |
|
|
|
8,127 |
|
Generation |
|
12,752 |
|
|
|
10,297 |
|
Advanced Technologies |
|
4,019 |
|
|
|
4,208 |
|
Total cost of revenues |
|
22,300 |
|
|
|
25,044 |
|
|
|
|
|
|
|
Gross loss |
|
(8,365 |
) |
|
|
(8,045 |
) |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Administrative and selling expenses |
|
10,684 |
|
|
|
7,603 |
|
Research and development expense |
|
3,505 |
|
|
|
1,474 |
|
Total costs and expenses |
|
14,189 |
|
|
|
9,077 |
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(22,554 |
) |
|
|
(17,122 |
) |
|
|
|
|
|
|
Interest expense |
|
(1,701 |
) |
|
|
(4,268 |
) |
Change in fair value of common stock warrant liability |
|
- |
|
|
|
2,225 |
|
Other income, net |
|
103 |
|
|
|
314 |
|
|
|
|
|
|
|
|
|
Loss before benefit
(provision) for income taxes |
|
(24,152 |
) |
|
|
(18,851 |
) |
Benefit (provision) for income taxes |
|
1 |
|
|
|
(5 |
) |
|
|
|
|
|
|
Net loss |
|
(24,151 |
) |
|
|
(18,856 |
) |
Net income attributable to redeemable noncontrolling interest |
|
30 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Net loss attributable to
FuelCell Energy, Inc. |
|
(24,181 |
) |
|
|
(18,856 |
) |
Series B preferred stock dividends |
|
(800 |
) |
|
|
(800 |
) |
|
|
|
|
|
|
|
|
Net loss attributable to
common stockholders |
$ |
(24,981 |
) |
|
$ |
(19,656 |
) |
|
|
|
|
|
|
Loss per share basic and
diluted: |
|
|
|
|
|
Net loss per share attributable to common stockholders |
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
Basic and diluted weighted average shares outstanding |
|
366,668,154 |
|
|
|
256,375,578 |
|
FUELCELL ENERGY,
INC.Consolidated Statements of Operations and
Comprehensive Loss(Unaudited)(Amounts in
thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, |
|
|
|
2021 |
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
|
Product |
|
$ |
- |
|
|
$ |
- |
|
Service and license |
|
|
19,791 |
|
|
|
25,133 |
|
Generation |
|
|
24,027 |
|
|
|
19,943 |
|
Advanced Technologies |
|
|
25,767 |
|
|
|
25,795 |
|
Total revenues |
|
|
69,585 |
|
|
|
70,871 |
|
|
|
|
|
|
|
|
|
|
Costs of
revenues: |
|
|
|
|
|
|
|
|
Product |
|
|
7,976 |
|
|
|
9,924 |
|
Service and license |
|
|
24,735 |
|
|
|
24,545 |
|
Generation |
|
|
36,017 |
|
|
|
27,873 |
|
Advanced Technologies |
|
|
16,496 |
|
|
|
16,254 |
|
Total costs of revenues |
|
|
85,224 |
|
|
|
78,596 |
|
|
|
|
|
|
|
|
|
|
Gross
loss |
|
|
(15,639 |
) |
|
|
(7,725 |
) |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Administrative and selling expenses |
|
|
37,948 |
|
|
|
26,644 |
|
Research and development expenses |
|
|
11,315 |
|
|
|
4,797 |
|
Total costs and expenses |
|
|
49,263 |
|
|
|
31,441 |
|
|
|
|
|
|
|
|
|
|
Loss
from operations |
|
|
(64,902 |
) |
|
|
(39,166 |
) |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(7,363 |
) |
|
|
(15,294 |
) |
(Loss) gain on extinguishment of debt and financing obligation |
|
|
(11,156 |
) |
|
|
1,801 |
|
Extinguishment of Series 1 preferred share obligation |
|
|
(934 |
) |
|
|
- |
|
Change in fair value of common stock warrant liability |
|
|
(15,974 |
) |
|
|
(37,086 |
) |
Other (expense) income, net |
|
|
(694 |
) |
|
|
684 |
|
|
|
|
|
|
|
|
|
|
Loss
before provision for income taxes |
|
|
(101,023 |
) |
|
|
(89,061 |
) |
Provision for income taxes |
|
|
(2 |
) |
|
|
(46 |
) |
|
|
|
|
|
|
|
|
|
Net
loss |
|
|
(101,025 |
) |
|
|
(89,107 |
) |
Net income attributable to redeemable noncontrolling interest |
|
|
30 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
FuelCell Energy, Inc. |
|
|
(101,055 |
) |
|
|
(89,107 |
) |
Series B preferred stock dividends |
|
|
(3,200 |
) |
|
|
(3,331 |
) |
|
|
|
|
|
|
|
|
|
Net loss
attributable to common stockholders |
|
$ |
(104,255 |
) |
|
$ |
(92,438 |
) |
|
|
|
|
|
|
|
|
|
Loss per
share basic and diluted: |
|
|
|
|
|
|
|
|
Net loss per share attributable to common stockholders |
|
$ |
(0.31 |
) |
|
$ |
(0.42 |
) |
Basic and diluted weighted average shares outstanding |
|
|
334,742,346 |
|
|
|
221,960,288 |
|
Appendix
Non-GAAP Financial Measures
Financial results are presented in accordance
with accounting principles generally accepted in the United States
(“GAAP”). Management also uses non-GAAP measures to analyze
and make operating decisions on the business. Earnings before
interest, taxes, depreciation and amortization (“EBITDA”) and
Adjusted EBITDA are alternate, non-GAAP measures of operations and
operating performance by the Company.
These supplemental non-GAAP measures are
provided to assist readers in determining operating performance.
Management believes EBITDA and Adjusted EBITDA are useful in
assessing performance and highlighting trends on an overall basis.
Management also believes these measures are used by companies in
the fuel cell sector and by securities analysts and investors when
comparing the results of the Company with those of other companies.
EBITDA differs from the most comparable GAAP measure, net loss
attributable to the Company, primarily because it does not include
finance expense, income taxes and depreciation of property, plant
and equipment and project assets. Adjusted EBITDA adjusts EBITDA
for stock-based compensation, restructuring charges and other
unusual items such as the legal settlement recorded during the
first quarter of fiscal 2020, which are considered either non-cash
or non-recurring.
While management believes that these non-GAAP
financial measures provide useful supplemental information to
investors, there are limitations associated with the use of these
measures. The measures are not prepared in accordance with GAAP and
may not be directly comparable to similarly titled measures of
other companies due to potential differences in the exact method of
calculation. The Company’s non-GAAP financial measures are not
meant to be considered in isolation or as a substitute for
comparable GAAP financial measures and should be read only in
conjunction with the Company’s consolidated financial statements
prepared in accordance with GAAP.
The following table calculates EBITDA and
Adjusted EBITDA and reconciles these figures to the GAAP financial
statement measure Net loss.
|
Three Months Ended October 31, |
|
Year Ended October 31, |
(Amounts
in thousands) |
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
Net loss |
$ |
(24,151 |
) |
|
$ |
(18,856 |
) |
|
$ |
(101,025 |
) |
|
$ |
(89,107 |
) |
Depreciation and amortization (1) |
|
4,951 |
|
|
|
5,549 |
|
|
|
19,872 |
|
|
|
19,377 |
|
(Benefit) provision for income tax |
|
(1 |
) |
|
|
5 |
|
|
|
2 |
|
|
|
46 |
|
Other
(income)/expense, net (2) |
|
(103 |
) |
|
|
(314 |
) |
|
|
694 |
|
|
|
(684 |
) |
Loss
(gain) on extinguishment of debt and financing obligation |
|
- |
|
|
|
- |
|
|
|
11,156 |
|
|
|
(1,801 |
) |
Extinguishment of Series 1 preferred share obligation |
|
- |
|
|
|
- |
|
|
|
934 |
|
|
|
- |
|
Change
in fair value of common stock warrant liability |
|
- |
|
|
|
(2,225 |
) |
|
|
15,974 |
|
|
|
37,086 |
|
Interest
expense |
|
1,701 |
|
|
|
4,268 |
|
|
|
7,363 |
|
|
|
15,294 |
|
EBITDA |
$ |
(17,603 |
) |
|
$ |
(11,573 |
) |
|
$ |
(45,030 |
) |
|
$ |
(19,789 |
) |
Impairment expense(3) |
|
5,024 |
|
|
|
2,417 |
|
|
|
5,024 |
|
|
|
2,417 |
|
Share-based compensation expense |
|
718 |
|
|
|
606 |
|
|
|
4,293 |
|
|
|
1,868 |
|
Legal
settlement (4) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,200 |
) |
Adjusted EBITDA |
$ |
(11,861 |
) |
|
$ |
(8,550 |
) |
|
$ |
(35,713 |
) |
|
$ |
(17,704 |
) |
(1) |
Includes depreciation and amortization on our Generation portfolio
of $3.7 million and $15.0 million for the three months and year
ended October 31, 2021, respectively, and $4.3 million and $13.9
million for the three months and year ended October 31, 2020,
respectively. |
(2) |
Other (income)/expense, net includes gains and losses from
transactions denominated in foreign currencies, changes in fair
value of derivatives, and other items incurred periodically, which
are not the result of the Company’s normal business
operations. |
(3) |
This expense is included in Generation cost of revenues on the
consolidated statement of operations. |
(4) |
The Company received a legal settlement of $2.2 million during the
three months ended January 31, 2020, which was recorded as an
offset to administrative and selling expenses. |
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